India grows faster than China
At least it is on the basis of the new Indian method of calculation, according to which the third largest economy after Japan and China, reckoned on total output, grew.....
by 7.5% in the quarter just ended from October to December 2014. This has been reported by the statistics ministry in New Delhi.
In the previous quarter the figure had only been 5.3% – but that was still calculated differently. China’s economy had achieved a plus of 7.3% in the last quarter of 2014.
Background: India’s highest statistics office had recently announced its intention to change the calculation basis. Previously the 2004/2005 budget year had been taken as the reference year, but now it is 2011/2012. In addition with immediate effect the market prices of the goods and services are being used to calculate the gross domestic product (GDP) instead of the companies’ production costs. In consequence India’s growth rate for the 2013/2014 budget year has been raised from 4.7 to 6.9%.